Pioneer Marine Launches With a Newbuild Order for 4 Bulk Carriers

The "Green Dolphin" concept design.
The “Green Dolphin” concept design.

After a year of beating the bushes of the ship finance sector, Pankaj Khanna, CEO of Singapore-based Pioneer Marine has gained funding from US-based private equity firm Garrison Investments to begin building his fleet of dry bulk ships.

In a phone call with him this morning, Khanna notes that he has ordered four “Green Dolphin” eco-designed bulkers from Yangzhou Guoyu Shipbuilding with an option for four more. He notes the vessels will be powered by Wartsila engines, DNV-classed, and come with installed ballast water treatment systems.

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Khanna’s plan is to focus on the geared handysize, supramax, and handymax sector of the dry bulk market with an initial fleet of up to 8 to 12 ships. “This sector is more stable than the Capesize market,” he adds.

“The big part of my story is to focus on the grain,” says Khanna. “World population is still growing and you need more grain for people and for cattle as well. Food is the place, but he also adds that his ships will target the scrap, fertilizer, log transportation and ore markets as well.

“With a slow-down in supply growth and actual consumption growth, the market is starting to turn and there is a very strong interest in dry bulk carriers,” adds Khanna.